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Friday September 27, 2013 - 05:55:01 GMT
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| | Email Asian Market Update: Australia's new govt downgrades budget projections; Japan Fin Min Aso tempers speculation of corporate tax cuts - Source

- Iran foreign min meets with State Sec Kerry; Echoes Rohani request for easing of sanctions; UN Security Council may vote on Syria on Friday; Crude oil falls over 30c on signs of Middle East progress. - Fed dissenter George speaks at length about preference for immediate taper; Would have tapered by $15B; Warns over Fed credibility after disappointing market expectations; Sees GDP accelerating next year and inflation moving toward 2%. - Australia lowers deficit estimates for FY12/13 but sees FY13/14 budget as worse than the last projections by the Labor Party; New PM Abbott supplants RBA warning over excessive property sector leverage, calls strong housing market a "good thing" with no threat of a bubble. AUD falls on perception of political support for accommodative policy stance. - China industrial profit growth accelerates while Stats Bureau points to lower costs; Chinese press estimates LGFV debt may have nearly doubled in 3 years. - Japan Fin Min Aso continues to tread lightly around rising expectations of corporate tax rate cut; Yen pairs retrace from overnight gains. ***Economic Data*** - (CN) CHINA AUG INDUSTRIAL PROFITS Y/Y: 24.2% V 11.6% PRIOR; YTD: 12.8% V 11.1% PRIOR >- (JP) JAPAN SEPT TOKYO CPI Y/Y: 0.5% V 0.5%E; TOKYO CORE CPI Y/Y: 0.2% V 0.3%E (3-month low) - (JP) JAPAN AUG NATIONAL CPI Y/Y: 0.9% V 0.8%E; NATIONAL CORE CPI Y/Y: 0.8% V 0.7%E (highest rate since Nov 2008) - (JP) Japan investors bought 174.8B in foreign bonds last week vs bought net 922.6B in prior week (2nd consecutive week of net buys after 5 weeks of net sells); Foreign Investors bought 181.3B in Japan stocks v bought net 152.9B in prior week - (KR) SOUTH KOREA AUG CURRENT ACCOUNT: $5.74B V $6.77B PRIOR; GOODS BALANCE: $5.33B V $5.68B PRIOR - (TH) THAILAND AUG MANUFACTURING PRODUCTION INDEX ISIC Y/Y: -3.1% V -1.2%E - (UK) UK SEPT GFK CONSUMER CONFIDENCE: -10 V -11E (6-year high) ***Fixed Income/Commodities/Currencies*** - JGB: (JP) Japan MoF sells 2.68T in 0.1% 2-yr notes, Avg Yield: 0.093% v 0.112% prior; bid to cover: 5.50x v 5.55x prior - (AU) Australia MoF (AOFM) sells A$800M in 2025 Bonds; avg yield: 4.0866%; bid-to-cover: 2.46x - (US) Weekly Fed Balance Sheet Assets Week ending Sept 25th: $3.691T (record high) v $3.679T prior; M1 y/y change: 9.5% v 9.7% w/w; M2 y/y change: 6.7% v 6.8% w/w - USD/JPY falls over 30pips from session highs below 98.70 after comments from Fin Min Aso that he is not yet considering a corporate tax cut. EUR/JPY down 50pips around 133 handle while AUD/JPY down 60pips below 92.20. - AUD/USD fell about 40pips below 0.9340 as Australia's new govt downgraded its budget projections for the current year. PM Abbott's preference for further housing appreciation also hinted at political support for low rates to persist, weighing further on AUD. AUD/NZD cross was also down for the 2nd session, falling 30pips below 1.1280. - NZD/USD traded in a 30pip range around 0.8280, with a thrust lower in the afternoon session following RBNZ policy board annual report. RBNZ Gov Wheeler said the two most significant challenges facing the bank at present are the overvalued New Zealand dollar and overvalued housing market. ***Speakers/Political/In the Papers*** - (CN) China Stats Bureau He Ping: Faster growth of industrial profits helped by lower costs - (CN) China Shenzhen City raises mortgage rates three times in one month - Chinese press >- (CN) China's local government financing vehicle (LGFV) debt may have reached CNY19T - Chinese press - (JP) Japan Fin Min Aso: Not thinking of lowering effective corp tax right now - (AU) Australia Treasurer Hockey releases FY12/13 final budget deficit of A$18.8B v A$19.4B prior forecast (1.2% of GDP); FY13/14 budget to be worse than the latest projections by the Labor Party of A$30.1B - (AU) Australia PM Abbott: Rising housing market is a "good thing"; Not seeing a threat of a property bubble as RBA has warned - The Australian (update) - (IN) India Central Bank (RBI) gov Rajan: India could achieve 7-8% GDP growth in the next 2-3 yrs - press - (NZ) RBNZ: New Zealand Dollar remains elevated and dampening tradable inflation - RBNZ board annual report - (KR) Bank of Korea (BOK) Dir-Gen Jung: $53B current account surplus target for 2013 is achievable - financial press - (SY) US official: UN Security Council may vote as early as Sept 27th night over Syria chemical weapons resolution - (UK) BOE Gov Carney: Important to monitor conditions outside of London; Policy decision should reflect factors such as the number of people in labor force looking to work more hours - press - (EU) ECB's Coeure: Forward guidance intended to keep money market volatility in check - financial press - (US) Fed's George (FOMC voter; Dissenting hawk): decision not to taper bond buying could threaten credibility of future policy - (US) According to a Democratic Senate aide, Senate is planning a stop-gap vote tomorrow on funding the govt past Oct 1st; Not planning a weekend session - press Market Snapshot (as of 03:30 GMT): - Nikkei225 -0.2%, S&P/ASX +0.2%, Kospi +0.3%, Shanghai Composite +0.2%, Hang Seng +0.1%, Dec S&P500 flat at 1,692, Dec gold +0.1% at $1,325, Nov crude oil flat at $103/brl US markets: - JCP: Commenced public offering of 84M shares (38% of shares outstanding); -5.0% afterhours - ACN: Reports Q4 $1.01 v $1.00e, R$7.52B v $6.89Be; Raises semiannual dividend by 15% to $0.93 (implies 2.5% yield); Announces new $5B additional share repurchase (10% of market cap); -3.9% afterhours - MPC: Announces Incremental $2B Share Repurchase Authorization (about 10% of market cap); +0.1% afterhours - MSFT: Ford CEO Mulally said to be in the lead to replace departing CEO Ballmer; +0.8% afterhours - NKE: Reports Q1 $0.86 v $0.78e, R$6.97B v $6.97Be; +6.3% afterhours Notable movers by sector: - Consumer discretionary: Toray Industries 3402.JP +2.4% (acquires Zoltek); Air New Zealand AIR.NZ +3.1% (extends repurchase program) - Consumer staple: Nine Dragons Paper Holdings 2689.HK -5.9% (reports less than expected FY earnings) - Industrials: Hitachi Ltd 6501.JP -1.0%, Mitsuba Corp 7280.JP -9.8%, Jtekt Corp 6473.JP -1.1% (pleads guilty in price fixing suit) - Materials: Mirabela MBN.AU -54.1% (major customer closes facilities and terminates contracts) - Technology: Toshiba Corp 6502.JP +2.5% (launches 3-phase motor pre-driver IC for automotive applications) - Telecom: Softbank 9984.JP +0.9% (supportive of partnership with Alibaba) - Financials: Infratil Ltd IFT.NZ +2.9% (announces shares repurchase) Simsen International Corp Ltd 993.HK +50.0% (negotiates for substantial acquisitions) SOHO China 410.HK +1.2% (forms JV to develop in Beijing) - Utilities: Beijing Enterprises Water Group 371.HK +6.1% (Issues subscription shares to strengthen capital base and financial position) TEPCO 9501.JP +8.0% (applies to restart two nuclear reactors) - Source


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